It's Time to Close!

Once you get "cleared to close", which means your mortgage is all set, your attorney has gotten a clear title report, and the seller's attorney, the bank attorney and your attorney all can schedule a day and time to have the closing, you be able to close on the property.  Oh, and don't forget about the hand cramps from writing your signature a million times! -just kidding.  

In most cases, your closing will take place at the attorney's office of the seller.  This is a key piece of information when scheduling because you will need to meet your real estate professional an hour or so before the closing to do a "walk-through" of the property.  During this procedure you and your realtor will walk the property making sure it is in "as advertised condition" when it was listed on the MLS.  Make sure all of the items listed on the MLS are still there and that there is no new damage, most likely from the sellers moving out.  Make sure the property is broom swept, and no items are left behind.  Make sure everything works as it should at time of the listing, like the faucets, refrigerator, electric, etc.  If there are any issues, your agent or you will call your attorney immediately to let them know the issue(s).  They will work on your behalf to settle the matter before the closing begins.

After you are sure everything looks acceptable, you will go to the closing where your attorney will meet you and guide you through the process.  Most likely there will be a room with a large table and all parties will sit to begin signing, working on the financial documents, etc.  In most cases, be sure to bring your checkbook as you will be writing checks back and forth to pay for things such as gas/propane/oil fuel left in the tanks of the house, town or village taxes, water bill, and other incidentals.  Your attorney most likely will tell you what checks and how much you will need ahead of time.

Once all of the checks have exchanged hands, documents have been signed, and all of the parties are happy with any incidental negotiations at the table, you will receive your new house keys and Viola! - you are a new homeowner!